Global insurance ventures are becoming increasingly attainable for boutique regional brokers, largely because of technological advancements. That’s according to Joshua Morey (pictured), president of The J. Morey Company, An Ori-gen Family Company.
"Through technology, globalization and being able to create a master property program that spans the whole world, global risk insurance is not out of touch for us as a regional brokerage,” Morey told IB. “Underwriting and reinsurance technologies are creating more comfort that we can create global programs that are no longer just for larger, global firms.”
And the data’s certainly there to back up Morey’s assertions. According to research from Allianz, the global insurance industry grew by an estimated 7.5% in 2023 – marking the fastest growth since 2006. However, navigating the complexities of this global business requires a nuanced understanding of diverse markets and the specific needs of multinational clients. Morey emphasized the need to develop a relationship with the key decision makers, wherever they may be in the world.
“I think a lot of it ties back to where are the decisions made out of,” Morey said. "If the decisions are being made back in Japan, whether they're opening a factory in Mexico, Los Angeles or the Netherlands, really having a relationship that goes back to the key decision makers back in Japan, for us at least, is key."
The key to this globalization coupled with a focus on personalization and customer care? Well, it wouldn’t have been entirely possible without the power of AI. According to research from WorldMetrics, AI-driven customer engagement can see insurers enjoy a 10-15% increase in happiness levels, while 68% of customers are surprisingly keen on receiving advice from their virtual friends
Morey also highlighted a growing trend here in global business operations: the delegation of power to local leadership. This shift emphasizes the importance of maintaining relationships not only with headquarters but also with local teams.
"It does make it equally as important to maintain relationships with the highest level back at [the] home office, but also boots on the ground, being able to serve in the language that the local staff speak in," he said.
This dual approach ensures compliance with local regulations and caters to the unique cultural contexts of each market. Ensuring compliance while maintaining a competitive edge in various international markets involves strategic partnerships. Morey emphasized the importance of working with local brokers and law firms that understand the intricacies of regional regulations.
“We partner with our local brokers to make sure we're locally compliant but making sure we have good attorneys that can deal with the whole operation with the global lens,” he said.
This approach helps The J. Morey Company maintain its boutique service quality while leveraging local expertise. It also helps Morey’s company differentiate itself from larger global brokers through personalized service.
“A lot of times, even though our global competitors may have boots on the ground, what differentiates us as more of a boutique regional broker is that we end up partnering with the same boutique regional brokers in the Netherlands or in Mexico or in Japan that aren't as corporate and have a similar boutique style of handling,” he said.
Morey also speaks to the adaptability of their commercial insurance solutions, noting that while they often look to replicate successful strategies from the US, they are careful to avoid a one-size-fits-all approach. The aim is to tailor solutions that are effective locally while maintaining the standards that clients expect from The J. Morey Company.
“It's really kind of using a benchmark of what we're already doing and making sure that what we're doing here is of the highest quality,” he said.
As middle-market firms increasingly operate on a global scale, Morey sees an opportunity for brokers to step up as strategic advisors, particularly for those lacking in-house risk management resources.
“So, a good broker can help educate a bit and then bring in, whether it's consultants or an expert to help advise them as well,” Morey said.
